What pops into your mind when daydreaming about your next car? A spring day with the sunroof open and your dog riding shotgun? Hauling a couple of mountain bikes up to a great trail with your partner? Those are a few of many important considerations, though buying a vehicle with a lower insurance cost probably isn’t high on the list.
But it should be.
When it comes to insurance premiums, not all cars are created equal. Picking the right model could save you enough to buy new mountain bikes — or take more pet-friendly vacations with Fido. Insurance companies use many factors when calculating rates. Your age, location, and safety record are paramount, but the car you’re insuring is also a critical part of the equation.
The Sticker Price and Your Premium
Generally, the more expensive the car, the higher the cost of insuring it. Unsurprisingly, Teslas are costly to insure — and the reasons apply to many luxury models. The parts are expensive (replacing a battery pack damaged in a rear-ender could run more than $15,000), not everyone knows how to work on them, parts are sometimes less available, and if the car is totaled, it’s a bigger cost to the insurer. That applies equally to exotics, like the Maserati Quattroporte GTS GranLusso, and to less exotic, but pricey, cars from Porsche, Mercedes, and BMW.
For less rarified vehicles that are the bread-and-butter offerings from companies like Toyota, Honda, and Ford, it’s factors such as the vehicle’s age, model, and trim level that really drive rates.
Reliable Models, Reduced Rates
An older car is generally cheaper to insure because its replacement cost is lower than a newer version of the same model. So if you’re planning to buy used instead of new, you’re already on track to save.
The builder and model matter a lot. Some cars are safer, and others are more vulnerable to theft. In a recent survey of insurers, two of the four least expensive SUVs to insure were Hondas — the CR-V and Pilot— while the Subaru Outback and Ford Escape rounded out the list. For sedans, the Toyota Camry and Prius and the Honda Civic garnered the lowest rates, while among trucks the Ford F-150 (in its base trim levels), GMC Sierra, and Chevy Silverado 1500 were lowest.
Risk Mitigation … and Mods
Safety features matter. Options like lane-departure warning, blind spot detection, and anti-theft devices can help lower the insurer’s risk (and your rate). Especially if you’re considering an older vehicle, or a base model of a new one, research the impact that a lack of advanced safety features could have on your insurance.
Any modifications you make to your car can raise your insurance costs. Performance accessories that increase horsepower are an obvious one, but custom paint, expensive wheels, and lavish audio systems can lead to pricier premiums too.
Your Copilot on the Road to Savings
Your local, knowledgeable We Insure agent has many tricks up their sleeve to help you save on car insurance. Whether it’s comparison shopping a wide range of top providers in your area, bundling coverage, or discovering discounts, we won’t rest until we find you the best protection at the best price.
And we’ll make sure we don’t cut corners on important coverage, so you can be penny-wise and well-protected. After all, a bargain policy is no bargain at all if it leaves you underinsured. We Insure will help you find smart, cost-effective coverage. Contact your local agent for a fast and free quote.
Source
https://www.bankrate.com/insurance/car/cheapest-cars-to-insure/
